Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
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NEWS RELEASE
Lundin Mining Announces TSX Approval for a Normal Course Issuer Bid
Toronto, December 6, 2021 (TSX: LUN; Nasdaq Stockholm: LUMI) Lundin Mining Corporation (“Lundin
Mining” or the “Company”) announces that the Toronto Stock Exchange (the “TSX”) has accepted the notice of
Lundin Mining’s intention to renew its normal course issuer bid (the “NCIB”).
The Company intends to continue to utilize the NCIB at its discretion to make opportunistic purchases to create
shareholder value and manage the number of outstanding common shares of the Company (the “Common
Shares”).
This approval allows the Company to purchase up to 63,762,574 Common Shares, representing 10% of t he
735,122,870 issued and outstanding Common Shares as of November 30, 2021, minus those Common Shares
beneficially owned, or over which control or direction is exercised by the Company, the senior officers and
directors of the Company and every shareholder who owns or exercises control or direction over more than
10% of the outstanding Common Shares , over a period of twelve months commencing on December 9, 2021.
The NCIB will expire no later than December 8, 2022.
All purchases made pursuant to t he NCIB will be made through the facilities of the TSX or other alternative
Canadian trading systems. In accordance with TSX rules, any daily purchases (other than pursuant to a block
purchase exemption) on the TSX under the NCIB are limited to a maximum of 565,398 Common Shares, which
represents 25% of the average daily trading volume of 2,261,595 Common Shares on the TSX for the six months
ended November 30, 202 1. The price that Lundin Mining will pay for Common Shares in open market
transactions will be the market price at the time of purchase.
In connection with the NCIB renewal, Lundin Mining entered into an automatic repurchase plan with its
designated broker to allow for the repurchase of Common Shares at times when the Company ordinarily would
not be active in the market due to its own internal trading blackout periods, insider trading rules or otherwise
(any such period being an “Operating Period”). Before entering an Operating Period, the Company may, but is
not required to, instruct the designated broker to make purchases under the NCIB in accordance with the terms
of the plan. Purchases made pursuant to the plan, if any, will be made by the Company’s designated broker
based upon the parameters prescribed by the TSX, applicable Canadian securities l aws and the terms of the
written agreement entered between the Company and its designated broker. Outside of these Operating
Periods, Common Shares will be purchasable by Lundin Mining at its discretion under its NCIB.
The automatic repurchase plan will co mmence on the effective date of the NCIB and will terminate on the
earliest of the date on which: (i) the purchase limit under the NCIB has been reached; (ii) the NCIB expires; and
(iii) the Company terminates the automatic repurchase plan in accordance wi th its terms. The automatic
repurchase plan constitutes an “automatic plan” for purposes of applicable Canadian securities legislation and
the agreement governing the plan has been pre-cleared by the TSX.
The actual number of Common Shares that may be purc hased and the timing of such purchases will be
determined by the Company. Decisions regarding purchases will be based on market conditions, share price,
best use of available cash, and other factors. Any Common Shares that are purchased under the NCIB will be
cancelled.
Under the Company’s current NCIB that commenced on December 9, 2020 and expires on December 8, 2021,
the Company previously sought and received approval from the TSX to purchase up to 63,682,170 Common
Shares. As of November 30, 2021, the Company has purchased 4,323,100 Common Shares under its current
NCIB through open market transactions at a weighted average price of approximately $ 11.25 per Common
Share.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations in Brazil, Chile, Portugal,
Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the EU Market
Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set
out below on December 6, 2021 at 22:00 Eastern Time.
For further information, please contact:
Mark Turner, Director, Business Valuations and Investor Relations: +1 416 342 5565
Irina Kuznetsova, Manager, Investor Relations: +1 416 342 5583
Robert Eriksson, Investor Relations Sweden: +46 8 440 54 50
Cautionary Statement in Forward-Looking Information
Certain of the statements made and information contained herein is “forward -looking information” within the meaning of applicable Canadian securities laws. All
statements other than statements of historical f acts included in this document constitute forward -looking information, including but not limited to statements with
respect to Lundin Mining’s proposed normal course issuer bid, the Company’s pre -defined plan with its broker to allow for the repurchase of Common Shares, and
the number of Common Shares that may be purchased under the normal course issuer bid . Words such as “believe”, “expect”, “anticipate”, “contemplate”, “target”,
“plan”, “goal”, “aim”, “intend”, “continue”, “budget”, “estimate”, “may”, “wi ll”, “can”, “could”, “should”, “schedule” and similar expressions identify forward -looking
statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management;
assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions;
that the political environment in which the Company operates will continue to support the development and operation of mining projects; the Common Shares will,
from time to time, trade below their value ; the Company will complete purchases of Common Shares pursuant to the NCIB; and assumptions related to the factors
set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management’s experience
and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive
uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those project ed in the forward-looking statements
and undue reliance should not be placed on s uch statements and information. Such factors include, but are not limited to: the market price of the Common Shares
being too high to ensure that purchases benefit the Company and its shareholders; and other risks and uncertainties, includin g but not limited to those described in
the “Risk and Uncertainties” section of the Annual Information Form and the “Managing Risks” section of the Company’s MD&A for the year ended December 31, 2020,
which are available on SEDAR at www.sedar.com under the Company’s prof ile. All of the forward -looking statements made in this document are qualified by these
cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to di ffer materially from those contained
in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that
the foregoing list is not exhaustive of all factors and assumptions which may have been used. S hould one or more of these risks and uncertainties materialize, or
should underlying assumptions prove incorrect, actual results may vary materially from those described in forward -looking information. There can be no assurance
that the Common Shares will, from time to time, trade below their value and that the Company will complete purchases of Common Shares pursuant to the NCIB.
Accordingly, there can be no assurance that forward -looking information will prove to be accurate and forward -looking information is not a guarantee of future
performance. Readers are advised not to place undue reliance on forward -looking information. The forward-looking information contained herein speaks only as of
the date of this document. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference
between such and subsequent actual events, except as required by applicable law.